Image Credit: Flickr / Lily Rhoads
Monsanto has been known to buy out their competition every chance they get over the years, in further attempts to monopolize the biotech industry. In recent years, they have been after one of their biggest competitors, the Swiss company Syngenta, who has consistently denied their offers time and time again.
In one case earlier this year, Syngenta even leaked an offer from Monsanto that involved the companies changing their names in a potential merger. Now, Monsanto is finally backing away from the deal, leaving one of their top rivals in the industry to do business on their own terms.
After each time they were denied, Monsanto attempted to sweeten the deal for Syngenta, but they were denied each time. After their most recent offer of $47 billion was rejected, Monsanto finally gave up on the conquest and made the announcement that they would no longer attempt to pursue a merger or buyout of the Swiss company.
Syngenta responded to the offer saying that the $47 billion sum “significantly undervalued the company.” While Syngenta shares fell more than 18 percent after the offer was rejected, representatives for the company have said that they will be able to stand on their own without Monsanto.
“Our board is confident that Syngenta’s long-term prospects remain very attractive with a leading portfolio and a promising pipeline of new products and technologies. We are committed to accelerating shareholder value creation,” Syngenta Chairman Michel Demaré said in a statement.
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John Vibes writes for True Activist and is an author, researcher and investigative journalist who takes a special interest in the counter culture and the drug war.
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